Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Saturday, Jun 03, 2023

Registration Regime for Dealers in Precious Metals and Stones - Industry Representative Feature (8)

Registration Regime for Dealers in Precious Metals and Stones - Industry Representative Feature (8)

Establishment of Registration Regime for Dealers in Precious Metals and Stones Enhances Hong Kong’s Trade Competitiveness
To further boost Hong Kong’s capacity to combat money laundering and terrorist financing, the Government has established a registration regime for dealers in precious metals and stones through amending the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615). The new regime has come into effect since 1 April 2023.

Having a history of nearly 90 years and over 300 members, the Hong Kong Jewellers’ and Goldsmiths’ Association (HKJGA) takes a positive view and expresses its support for the registration regime. The Association believes the establishment of registration regime is beneficial to the industry, as it not only further enhances Hong Kong’s anti-money laundering measures, but also demonstrates the government's steadfast determination to ensure the strength of the financial system. In the long run, the move will reinforce Hong Kong’s competitiveness and bolster the confidence of the business sector.

Mr Chow Kit-shing, Vice Chairman of the HKJGA, points out that, prior to the implementation of the registration regime, the Customs had proactively initiated a close dialogue with the industry and conducted multiple consultations. This allowed the industry to raise its concerns and potential difficulties that may arise during the implementation of the regime.

“I would like to express my sincere gratitude to the Customs as they have adopted an open-minded approach in listening to the industry and made suitable adjustments to the implementation details, so as to strike a balance between facilitating the trade and combating money laundering,” says Mr Chow.

Mr Chow notes that despite the industry’s relentless effort against money laundering with self-discipline over the years, the establishment of the registration regime is in line with the global trends. As a member of the Financial Action Task Force (FATF), Hong Kong is responsible for implementing anti-money laundering measures. As many FATF members in the region have already established a similar regime, Hong Kong should also keep pace with the international standards. Furthermore, from the industry’s perspective, the registration regime provides clear and explicit guidelines for them to follow in daily operations when handling large cash transactions. This offers the industry greater security in doing business. Looking forward, the regime will further solidify Hong Kong’s leading position as a financial centre in Asia, and enhance the city’s trade competitiveness.

When being asked how the Association will facilitate the implementation of the registration regime, Mr Chow states that the HKJGA will take a multi-pronged approach, such as reminding members to register in time to avoid legal pitfalls; organizing training courses and providing relevant guidelines to the frontline staff of members, to ensure that the staff is well-informed and able to adapt to the new requirements the soonest.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

Hong Kong News
Close
0:00
0:00
The driver has been described by authorities as a 21-year-old woman from Tallahassee
Joe Biden falls at the Air Force Graduation
America's Got Talent…
Elon Musk has been showered with praise by the Chinese public during his trip to China
Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
Drone Attack on Moscow's Wealthiest Neighborhoods Suspected to be Launched by Ukraine
Elon Musk Meets Chinese Finance Minister in Beijing
AI ‘extinction’ should be same priority as nuclear war – experts
Chinese fighter jet buzzes U.S. Air Force spy plane over South China Sea
Prominent Hacker Forum RaidForums Suffers Substantial Data Breach
Nvidia CEO Huang says firms, individuals without AI expertise will be left behind
WPP Revolutionizes Advertising with NVIDIA's AI Powerhouse
Two US Employees Fired For Chasing Robbers Out Of Store As They Broke ''Company Policy''
Pfizer, the EU, and disappearing ink - Smoke, Mirrors, and the Billion-Dose Pfizer Vaccine Deal: EU's 'Open Secret
The Sussexes' Royal Rebound: Could Harry and Meghan Markle Return to the UK?
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
Neuralink Receives FDA Approval for First-in-Human Clinical Study
Ukrainian Intelligence Official Admits to Assassination Attempts on Putin
WATCH THIS: democracy in Russia is so bad!
Ed Davey: It is possible for a woman to have a penis
Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products
Russian’s Wagner Group leader: “I am not a chef, I am a butcher. Russia is in danger of a revolution like in 1917.”
TikTok Sues Montana Over Law Banning the App
Ron DeSantis Jumps Into 2024 Presidential Race, Setting Up Showdown With Trump
Steve Jobs introducing Apple's iPhone, exactly 16 years ago.
Banking Behemoth vs Ex-Boss: The PMorgan-Epstein Entanglement
China overtakes Japan as world's top car exporter
Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused
Biden Administration Eyeing High-Profile Visits to China: The Biden Administration is heating things up by looking into setting up a series of top-level visits to Beijing by top officials in the coming months
New evidence in special counsel probe may undercut Trump’s claim documents he took were automatically declassified
A French court of appeals confirmed former President Nicolas Sarkozy's three-year jail term for corruption and influence peddling
Debt Ceiling Crises Have Unleashed Political Chaos
Weibao Wang, a former software engineer at Apple, was charged with stealing trade secrets related to autonomous systems, including self-driving cars
Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
Elon Musk compares George Soros to Magneto, the supervillain from the Marvel Comics series.
Warren Buffett Sells TSMC Shares Over Concerns About Taiwan's Stability
New Study Finds That Secondary Bacterial Pneumonia Is a Major Cause of Death in COVID-19 Patients Who Require Ventilator Assistance
The official tapes of Trump's deposition in the E. Jean Carroll battery (rape) and defamation case have been released.
King Charles III being crowned.
Newly released video of Donald Trump’s rape trial deposition:
Video: Ukraine MP Punches Russian Representative At Global Meet
El Paso mayor has declared a state of emergency
Russia accused Ukraine of attacking the Kremlin with drones in an attempt to kill Putin
Dutch court orders man who fathered 550 kids to stop donating sperm
Kim Kardashian Lookalike Christina Ashten Dies Of Cardiac Arrest, Hours After Plastic Surgery
Samsung has banned employees from using generative AI services such as ChatGPT
'Godfather Of AI' Geoffrey Hinton Quits Google To Warn Of The Tech's Dangers
A Real woman
Vermont Man Charged with Stalking After Secretly Tracking Woman with Apple AirTag
Elon Musk Statements About Tesla Autopilot Could Be 'Deepfakes,' Lawyers Claim. Judge Evette Pennypacker Does Not Understand How Far and Advanced This Technology Became
×